Noodles & Co. Class A (NDLS)

Noodles & Company's stock has increased significantly in the past six months. The stock events impacting this include the announcement of the Fourth Quarter and Full Year 2025 Financial Results on March 25, 2026, where the company reported a 6.6% increase in system-wide comparable restaurant sales for Q4 2025. The announcement of First Quarter 2026 Financial Results on May 6, 2026, showed comparable restaurant sales increasing 9.1% system-wide and adjusted EBITDA more than tripling compared to Q1 2025. The company also partnered with CRAVINGS™ by Chrissy Teigen on May 6, 2026, to launch a new menu item. The company also saw the return of Seasonal Menu Items on March 18, 2026.

Noodles & Company experiences demand seasonality, with revenue typically fluctuating from quarter to quarter due to seasonal factors and holidays. Revenue per restaurant is generally lower in the first and fourth quarters, which is attributed to reduced winter and holiday traffic. Conversely, the second and third quarters typically see higher revenue. Additionally, restaurants located near colleges and universities tend to have more business during the academic year.

Noodles & Company is an American fast-casual restaurant chain specializing in globally-inspired noodle and pasta dishes, soups, salads, and appetizers. The company operates within the fast-casual segment of the restaurant industry, emphasizing fresh ingredients and customizable, cooked-to-order meals available for dine-in, takeout, and digital ordering. Signature entrees include Wisconsin Mac & Cheese and Japanese Pan Noodles.

As of January 28, 2026, Noodles & Company operates 422 locations across 31 states in the United States. Wisconsin has the highest number of locations with 58, followed by Colorado with 50, and Illinois with 49. The restaurants are typically between 2,000 and 2,600 square feet and are found in various suburban, collegiate, and urban markets. The company is also exploring smaller square footage designs, including those with order-ahead drive-thru windows.

In the past year, Noodles & Company has focused on improving its culinary identity and guest experience. The company hired The Culinary Edge to help shape its updated culinary identity. The company has seen meaningful improvement in service, particularly during the dinner daypart, leading to a 10% increase in overall guest satisfaction scores in the last six months. Partnerships, such as the one with CRAVINGS™ by Chrissy Teigen, also contribute to brand visibility and appeal.

Noodles & Company has a significant number of institutional owners and shareholders. As of May 5, 2026, there are 41 institutional owners holding a total of 15,795,719 shares. Major institutional shareholders include Mill Road Capital Management LLC, Nantahala Capital Management, LLC, Vanguard Group Inc, BlackRock, Inc., Geode Capital Management, Llc, Citadel Advisors Llc, Jane Street Group, Llc, State Street Corp, Northern Trust Corp, and UBS Group AG. Mill Road Capital Management LLC is noted as a major shareholder with 15.03% of equities. Individual ownership is approximately 14.13%. Cattertonnoodles LLC is identified as the largest individual shareholder, owning 12.40 million shares.